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Official actions have succeeded in stabilizing the capital markets, even as much of the world's economy remains locked down, and the hardships faced by households and businesses intensify. In the middle part of last month, the markets were as dysfunctional as they have ever been. Volatility remains elevated but normalizing. The much-watched volatility of the S&P 500 ((VIX)) peaked near 85% on March 18 and finished last week below 42%. In the three months through January, it averaged about 13.5%. The same is generally true for bond and currency volatility: The market disruption peaked and